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Added another 4000 shares at .60 to average down my costs a bit, will sit back a bit and see what happens.
Odyssey Marine Exploration Reports First Quarter 2015 Results
Globe Newswire
Company Enters Into Financing Agreement With Strategic Investor
May 11, 2015: 09:19 AM ET
TAMPA, Fla., May 11, 2015 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the first quarter ended March 31, 2015.
Q1 2015 Highlights
Entered into a strategic financing agreement with Minera del Norte S.A. de C.V. (MINOSA), an owner and operator of mines and vertically integrated processing facilities (with worldwide assets of more than $750 million and net sales of $900 million) to facilitate Odyssey's offshore exploration business. MINOSA agreed to extend short-term debt financing to Odyssey of up to $14.75 million, of which $11 million has been provided to-date. In addition, Penelope Mining LLC, a wholly owned subsidiary of MINOSA, has the contractual right to invest up to $144 million in convertible preferred stock of Odyssey under certain conditions as detailed in an Odyssey proxy statement and related documents available from the company's website.
Exploraciones Oceanicas, S. De R.L. De C.V. (ExO), a subsidiary of Oceanica, submitted supplemental scientific information and studies to the Mexican Secretary of Environment and Natural Resources (SEMARNAT). The submission was in response to SEMARNAT questions concerning the Environmental Impact Assessment (EIA) submitted by ExO for the proposed dredging and recovery of phosphate sands from the "Don Diego" deposit off the coast of Mexico.
Prepared the Odyssey Explorer for 2015 shipwreck search and recovery operations by completing annual drydock, routine inspections and surveys, necessary repairs and mobilization work. The Odyssey Explorer has mobilized and is now performing planned operations.
Reduced operations and research expenses by 53%, or by $3.7 million, compared to the same year-ago quarter.
Net cash used in operating activities decreased 59%, or by $6.2 million, from the year-ago quarter.
Management Commentary
"Over the past year, we have increased our focus on seafloor mineral exploration, and implemented improved financial discipline in our project selection and management," said Mark Gordon, Odyssey's president and chief executive officer. "These changes, our marine exploration capabilities, and our work validating the 'Don Diego' deposit attracted the attention of a large multi-national mining and steel company who sought to enter into a strategic financing agreement that we announced during the quarter.
"MINOSA's participation not only provides key funding to Odyssey but it will also help accelerate and broaden our seafloor mineral exploration and resource development opportunities. Rather than selling Odyssey's full stake in the 'Don Diego' deposit, which previously was our best option for funding our operations, MINOSA's investment allows us to retain this asset and permits Odyssey stockholders to share in the downstream value of the project. MINOSA's excellent operating history and environmental track record also serves as an ideal operating model for Odyssey as we develop additional mineral projects worldwide.
We have received $11 million in short-term debt financing from MINOSA to date and we are already developing a new mineral opportunity with the support of this strategic investor.
"Odyssey's expansion into mineral projects should provide an increased opportunity to generate recurring annual cash inflows. This increased focus on subsea minerals does not mean that Odyssey plans to exit the shipwreck recovery business, but that we can be more selective in the shipwreck projects we pursue. In fact, the Odyssey Explorer is currently advancing our commodity shipwreck program conducting inspection and reconnaissance operations on a cluster of 20th-century shipwrecks in the North Atlantic.
Annual Meeting of Stockholders
Odyssey will hold its annual meeting of stockholders on June 9, 2015. The definitive proxy statement for the meeting was filed on April 29, 2015. Proxy voting materials have been distributed to Odyssey shareholders of record on the close of business on April 15, 2015.
"All Odyssey directors and executives are voting in favor of the proposals, and we encourage all of our stockholders to do the same," noted Gordon. "The proposed preferred share agreement and the addition of new directors with expertise in the mining sector have the potential to transform Odyssey into a financially sound company with more predictable cash inflows and the ability to develop high-value offshore exploration projects worldwide."
Q1 2015 Financial Summary
Total revenue in the first quarter of 2015 was $0.1 million, compared to $0.6 million in the same year-ago quarter. The decrease in revenue was primarily due to a decline in the monetization of recovered shipwreck cargo.
Cost of sales increased to $213,000 in the first quarter of 2015, as compared to $120,000 in the same year-ago quarter. The increase in cost of sales is due to a write-down of the carrying value of the company's inventory of SS Gairsoppa silver bars as a result of a decline in world silver prices.
Marketing, general and administrative expenses remained unchanged at $3.0 million in the first quarter of 2015 as compared to the same year-ago quarter.
Operations and research expenses decreased 53% to $3.4 million in the first quarter of 2015, as compared to $7.1 million in the same year-ago quarter. The decrease in operations and research expenses is primarily due to savings from the termination of the Dorado Discovery vessel lease in August 2014 and lower costs for mineral exploration activities. In the first quarter of 2015, Odyssey had a non-cash expense of $2.5 million related to the common stock issued for subsidiary stock option settlement. The settlement involved the exchange of 4.0 million shares of common stock of Odyssey for Mako Resources' call option on 6 million Oceanica shares owned by Odyssey.
The net loss in the first quarter of 2015 was $9.7 million or $(0.11) per share, as compared to a net loss of $9.8 million or $(0.12) per share in the same year-ago quarter. Excluding the expense related to the issuance of common stock to Mako Resources in the first quarter of 2015, the net loss would have decreased 27%, or by $2.6 million, as compared to the year-ago quarter.
Cash and cash equivalents totaled $0.7 million at March 31, 2015, compared to $3.1 million at December 31, 2014. The decrease in cash was primarily due to cash used in operations during the first quarter of 2015. Subsequent to the end of the first quarter, Odyssey received $9 million under the MINOSA purchase agreement.
The total net decrease in cash was $2.4 million in the first quarter of 2015, compared to a total net decrease in cash of $15.6 million in the same year-ago quarter. The improvement in total net cash flows was due to a number of factors: operating cash flows improved by $6.2 million, mainly due to lowered operating cash costs and an increase in payables; investing cash flows improved by $2.4 million, due to the sale of a building in 2015 and lower capital expenditures; and financing cash flows improved by $4.5 million, due to a new $2 million loan in 2015 versus loan repayments in 2014.
Subsequent to the end of the first quarter of 2015, Odyssey amended its loan agreement with Fifth Third Bank and extended the maturity date of the loan to December 11, 2015.
Consolidated financial statements, the 2015 Bank loan amendment, as well as the full filing are available on the company's website at www.odysseymarine.com as well as at www.sec.gov.
Conference Call
Odyssey will hold a conference call to discuss the first quarter results later this morning, Monday, May 11, 2015, at 10:00 a.m. Eastern time.
Investors and analysts may submit questions for management to address on the call by emailing IR@odysseymarine.com.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be webcast live, as well as available for replay via the investor section of the company's website at www.odysseymarine.com.
Date: Monday, May 11, 2015
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Dial-in number: 1-800-967-0627
International dial-in number: 1-913-312-1424
Conference ID: 7812673
Webcast: http://public.viavid.com/index.php?id=114563
If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the call will be available approximately two hours after the call through June 11, 2015.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 7812673
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for shipwreck projects and mineral exploration. For additional details, please visit www.odysseymarine.com. The company also maintains a Facebook page at http://www.facebook.com/OdysseyMarine and a Twitter feed @OdysseyMarine. For additional details on Odyssey Marine Exploration, please visit www.odysseymarine.com.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 16, 2015. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured" "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and urged to consider closely the disclosures in the our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.
ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Unaudited
March 31, December 31,
2015 2014
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 704,452 $ 3,143,550
Restricted cash 378,358 520,728
Accounts receivable and other, net 6,377,893 6,476,049
Inventory 569,329 674,992
Other current assets 777,029 655,662
Total current assets 8,807,061 11,470,981
PROPERTY AND EQUIPMENT
Equipment and office fixtures 24,344,405 24,895,343
Building and land 3,759,778 3,758,688
Building and land held for sale — 1,024,999
Accumulated depreciation (22,113,922) (22,443,492)
Total property and equipment 5,990,261 7,235,538
NON-CURRENT ASSETS
Inventory 5,080,643 5,110,967
Other non-current assets 1,198,684 1,272,053
Total non-current assets 6,279,327 6,383,020
Total assets $ 21,076,649 $ 25,089,539
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 6,344,672 $ 5,070,973
Accrued expenses and other 2,445,577 2,387,962
Deferred income 67,241 —
Derivative liabilities 2,689,348 2,226,445
Mortgage and loans payable 10,751,372 9,356,724
Total current liabilities 22,298,210 19,042,104
LONG-TERM LIABILITIES
Mortgage and loans payable 11,563,086 11,808,157
Deferred income and revenue participation rights 4,643,750 4,643,750
Total long-term liabilities 16,206,836 16,451,907
Total liabilities 38,505,046 35,494,011
Commitments and contingencies (NOTE H)
STOCKHOLDERS' EQUITY/(DEFICIT)
Preferred stock -- $.0001 par value; 9,675,200 shares authorized; none outstanding — —
Preferred stock series D convertible -- $.0001 par value; 134,800 shares authorized; 32,400 issued and outstanding 3 3
Common stock – $.0001 par value; 150,000,000 shares authorized; 89,582,502 and 85,582,502 issued and outstanding 8,958 8,558
Additional paid-in capital 201,437,836 198,323,630
Accumulated deficit (212,141,723) (202,427,252)
Total stockholders' equity/(deficit) before non-controlling interest (10,694,926) (4,095,061)
Non-controlling interest (6,733,471) (6,309,411)
Total stockholders' equity/(deficit) (17,428,397) (10,404,472)
Total liabilities and stockholders' equity/(deficit) $ 21,076,649 $ 25,089,539
ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited
Three Months Ended
March 31, March 31,
2015 2014
REVENUE
Recovered cargo sales and other $ 94,440 $ 564,602
Exhibit 20,852 1,484
Total revenue 115,292 566,086
OPERATING EXPENSES
Cost of sales – cargo and other 212,876 119,605
Marketing, general and administrative 3,015,986 3,014,525
Operations and research 3,361,466 7,095,683
Common stock issued for subsidiary stock option settlement 2,520,000 —
Total operating expenses 9,110,328 10,229,813
INCOME (LOSS) FROM OPERATIONS (8,995,036) (9,663,727)
OTHER INCOME (EXPENSE)
Interest income 59 2,051
Interest expense (662,282) (527,620)
Change in derivative liabilities fair value (462,903) (182,713)
Other (18,369) 9,697
Total other income (expense) (1,143,495) (698,585)
(LOSS) BEFORE INCOME TAXES (10,138,531) (10,362,312)
Income tax benefit (provision) — —
NET (LOSS) BEFORE NON-CONTROLLING INTEREST (10,138,531) (10,362,312)
Non-controlling interest 424,060 563,555
NET (LOSS) $ (9,714,471) $ (9,798,757)
NET (LOSS) PER SHARE
Basic and diluted (See NOTE B) $ (.11) $ (.12)
Weighted average number of common shares outstanding
Basic 86,515,835 83,937,883
Diluted 86,515,835 83,937,883
CONTACT: MEDIA CONTACT:
Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2335
lshows@odysseymarine.com
INVESTOR RELATIONS CONTACT:
Ron Both
Liolios Group, Inc.
(949) 574-3860
OMEX@liolios.com
OME logo
Top of page
Conference call starting in 15 minutes.
http://ir.odysseymarine.com//eventdetail.cfm?eventid=160311
Sounds good to me but I got lost about halfway through. Lol
As long as its the same for everyone it will be fine.
Yes sir. They are in the hands of the Transfer Agent who is distributing them to the brokers.
1,2,5. Will hopefully make up for my 39 points last week.
4, 22, 48
Epic post Nabbbss, very well said.
Thanks to all you guys on here, I read it all and end up sharing a good bit of the content here with my contacts.
Keep up the good fight.
You don't have to do anything, the Transfer Agent and your broker will handle it.
I have bid in for 10K at .39 if anyone wants out.
Probably, got other stuff going on this week so sold out.
Quote:
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I still don't understand why we cant find it on any website except the one you send us too….
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Because I am involved in a vast conspiracy with the American Bankers Association (ABA) and Standard & Poor's............
To what end I am not sure but I'm sure I will figure it out soon.....
CUSIP® Global Services
CUSIP® Global Services (CGS) provides a unique common language for identifying financial instruments across institutions, exchanges and nations. With 40 years of experience in the securities identification business, CGS is the world leader in developing innovative solutions to reference data challenges.
CGS is managed on behalf of the American Bankers Association (ABA) by Standard & Poor's with a Board of Trustees comprised of representatives from leading financial institutions.
OK, then they just hope to much air does not escape before the next pit stop? I would think it would take a bit of trial and error to perfect?
Anyone know exactly how this "bleeding" thing works on the tires?
I can see how you can maybe mess with the stems to slowly let air out, but how do you stop it from letting it all out during a run?
Sold at $6.79 today, only cleared about 35 bucks after fees.
To get access to the CUSIP number you need to be subscriber to the CUSIP access.
You can also get access in the local public library.
Kind Regards,
Alyona Rodina
CUSIP Global Services
Operated for the ABA by S&P Capital IQ
Primary Phone: 212-438-4531
Fax: 212-438-6578
General Phone: 1-877-CUSIPDR (1-877-287-4737)
www.cusip.com
Or, you can just take my word for it....
Correct. That is the old/current one. The new shares will be issued with the new one.
You can contact the folks that issue them with the contact info provided in my precious post but you may need to be a subscriber to cusip.com to get info online.
Jeesh, I just had Lee check and get a confirmation on it. Below is copy paste from the emails and I also took a damn picture of my screen.
From: Lee Abbott <leea@copperkingmining.com>
Date: Thu, May 7, 2015 at 12:06 PM
Subject: CUSIP CONFIRMATION
To: CUSIP_CORP@cusip.com
Hello,
Please send a confirmation e-mail showing the following CUSIP number as valid.
CUSIP Number: 21750M 20 8
Contact Information.
e-mail address lee.mla@gmail.com
Myron Abbott
Copper King Mining
1042 E. Fort Union Blvd.
Midvale, Utah 84047
Phone 801-301-8733
Thank you,
and here is the confirmation.
From: <cusip_confirmation@cusip.com>
Date: Thu, May 7, 2015 at 12:08 PM
Subject: CUSIP Confirmation: COPPER KING MNG CORP
To: lee.mla@gmail.com
May 07, 2015
MYRON ABBOTT
COPPER KING MINING CORP
1042 E FORT UNION BLVD
MIDVALE, UT 84047
MYRON ABBOTT,
This email confirmation is sent in response to your request for the assignment of / change request to a Corporate CUSIP number for:
ISSUER: COPPER KING MNG CORP
CUSIP NUMBER: 21750M 208
ISIN NUMBER: US21750M2089
ISSUE DESCRIPTION: COM NEW
RATE:
MATURITY:
IMPORTANT NOTICE:
THIS MESSAGE IS FROM AN AUTOMATED MAIL SERVER.
REPLIES TO THIS SERVER ARE NEITHER MONITORED NOR ANSWERED.
THANK YOU.
The CUSIP Global Services(CGS) requires that FINAL documentation (i.e. prospectus or official statement in print or electronic form) be sent to CGS as soon as it is available. Without receipt of the final documentation by within ten days of the offering date, CGS reserves the right to suspend and/or withdraw the CUSIP identifier(s).
E-Mail addresses for final documents:
Corporate, Municipal & Govt: cusip_support@cusip.com
E-mail addresses for electronic preliminary documentation:
Corporate: cusip_corp@cusip.com
Municipal: cusip_muni@cusip.com
PPN: cusip_ppn@cusip.com
International: cusip_global@cusip.com
Please call the CUSIP Data Collection department at (212) 438-6565 with any questions.
Sincerely yours,
Gerard Faulkner
Director - Operations
CUSIP Global Services
The assignment of a CUSIP Number to a particular security by CGS is not intended to be, and should not be construed as, an endorsement of such security, a recommendation to purchase, sell or hold such security or an opinion as to the legal validity of such security.
Privacy Notice - CUSIP Global Services respects your privacy. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Capital IQ. We use your contact information to fulfill your request and service your account and to provide you with additional information from CUSIP you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit http://www.cusip.com/pdf/CUSIP_Privacy_Policy.pdf. You can view McGraw Hill Financial’s Corporate Privacy Policy at http://www.mhfi.com/privacy
Please be advised that the CGS has instituted an annual Data Certification initiative. The issuer will be contacted directly and asked to certify the data elements CGS has in regards to it issues.
This Confirmation was sent by email at 14:08:15 07 May 2015.
www.cusip.com
CUSIP Committee on Uniform Security Identification Procedures
A registered trademark of the AMERICAN BANKERS ASSOCIATION
screen picture http://s79.photobucket.com/user/mystockbuddy/media/cusip2_zpsvtrk0r94.jpg.html
and here is a shot of the original assignment in Oct 2013 which is what I told you via text earlier .
http://s79.photobucket.com/user/mystockbuddy/media/cusip_zpsco8vsf4x.jpg.html
I really do have better things to do than to play games with you and Lee certainly does.
First of all, it would be nice if you quit lying. You have not talked to me in years. You just sent me some texts, 19 of them back and forth arguing pointless crap with me and finally I texted that I had better things to do than to argue with you all day especially after you say I have no idea what I'm talking about. If you dont believe what I tell you then dont contact me anymore.
For the rest of you guys, you are welcome to call, text, or email me anytime.
Hopefully you guys should start seeing shares show up in your accounts shortly. The transfer agent is getting them out to the brokers but not sure how long the whole process will take and may vary from broker to broker. 6 billion shares old shares are a lot to sort through.
I was kicking myself this morning for selling at $1.02 and leaving money on the table while it went to $1.15. But it appears as though I made the right decision.
agreed, the 2016 and 2017 ITM calls are a no brainer. I keep hitting them repeatedly as the stock price goes from 33-35 or so.
Bought 10 of the 2016 $32 calls today at $2.29 to start a position again, will buy double or triple if the pps dips down some more.
Unless we get an overall market crash these are a fairly safe bet. IMO
I am also bidding for the 2017 $32's
Thank you for voting. Your instructions have been received and recorded for:
GREAT PANTHER SILVER LIMITED
Meeting to be held on Thursday, June 4, 2015
For Shareholders of record as of Friday, April 17, 2015
Vote Cutoff Date: Tuesday, June 2, 2015
CUSIP: 39115V101
This confirmation has been sent from www.proxyvote.com.
Agreed, that's what attracted my attention. Got a few to trade at .76
Thats me sitting on the bid for 5K shares at .41 if anyone cares to indulge me.
Little action here today.
Thank you for voting. Your instructions have been received and recorded for:
ODYSSEY MARINE EXPLORATION, INC.
Meeting to be held on Tuesday, June 9, 2015
For Shareholders of record as of Wednesday, April 15, 2015
CUSIP: 676118102
This confirmation has been sent from www.proxyvote.com.
Pretty sure I may qualify for low score of the year today.....
But all is right in Alabama today, think I can hear them cheering all the way over here in Georgia. Amazing how the crowd stayed after the race, does not happen at many tracks.
Agree on Jeff announcing, excellent job yesterday. He provided great insight and seemed to have a really good grasp of the various drivers and teams when the other announcers struggle at times just to identify numbers with drivers.
My oldest son just sent me this as his way of letting me know he was going, gonna have to have a long talk with that boy when he gets back.
http://s79.photobucket.com/user/mystockbuddy/media/dega_zpsogi7wqp4.jpg.html
15. 22 . 24
I missed who you PMd about what? Can you tell me the context of who and what?
On another note, I wish we had more representatives like Jason in Congress trying to hold the idiots working for the government accountable.
Anyone know what the lapel pin Mikey Waldrip is wearing in the broadcast booth represents? Looks like a blue/purple triangle?
Yep, that's why I chose to start buying today.
Started a position today with just 1000 to begin with at $6.74
Dear Fellow Stockholder:
It is an exciting time to be a part of Odyssey Marine Exploration, and I am honored to be the Chief Executive Officer at the helm. We are continuing our evolution to build on our past operational successes by focusing on enhancing stockholder value through economic success. During the past 20 years, our team has done extraordinary things in the deep ocean, from setting world records for exploration and recovery projects to solving mysteries that had confounded the world for centuries.
Odyssey started out focusing on historic shipwreck projects. We have a passion for conducting best-in-class deep-ocean archaeology and have had more success in this field than anyone else in the world. We share our exciting work through archaeological papers, traveling and virtual exhibits, television documentaries, books and media coverage. Odyssey has built an international brand synonymous with excellence in deep-ocean exploration. Five years ago we began a program to leverage our core competencies and expand into the recovery of cargo from commodity shipwrecks and mineral exploration. We now have the opportunity to build Odyssey into something much bigger than we ever could have accomplished by relying solely on historic shipwreck projects.
The commodity shipwreck projects in our portfolio, while generally under $100 million in value each, can advantageously be grouped by region to spread the expense and risk over several projects. Monetization of the cargo can generally be accomplished on a much quicker timeline than with historic shipwreck projects, as evidenced by our work on the Gairsoppa project, which was monetized in the same calendar year as the offshore operations.
A successful mineral project can be worth many multiples of even the most valuable shipwreck projects. While these mineral projects can take longer than a shipwreck project to reach production or outright sale of the deposit, there are opportunities to sell equity in projects at earlier stages, as we did with Oceanica. In the first year of this project, we sold $27.5 million of equity in the project at a point in time that we had only invested approximately $8 million in the venture.
Seafloor mineral exploration is where we now believe the most important and promising opportunities for Odyssey lie. I want to be clear that we are not abandoning our shipwreck roots. However, as I promised when I assumed the role of Chief Executive Officer, we have an increased focus on financial discipline aimed at reducing operating costs and more closely matching the timing of our investments to nearer term returns. To this end, we are being more selective in both the shipwreck and mineral projects we undertake in order to lower the risk profile on these projects.
Over the past few years, Odyssey has discreetly researched and analyzed many mineral deposits around the globe. Based upon these activities, we have developed a database of information relating to potential opportunities covering a variety of different minerals that may be commercially viable. One of the principal gating factors to begin harvesting these potential opportunities has been access to necessary capital and our need to remain focused on fully developing one of these deposits as the proof-of-concept to establish our credentials in this emerging field. Armed with this credibility, we believe the potential for success in the development of all subsequent seafloor mineral projects will be greatly enhanced.
The recently announced financing arrangement with strategic investor Minera del Norte S.A. de C.V. (MINOSA) and Penelope Mining LLC, its wholly owned subsidiary, has the potential to provide us with the capital necessary to begin harvesting the portfolio of deep-ocean mineral deposits that we have
— — — — —
ODYSSEY MARINE EXPLORATION • 5215 WEST LAUREL STREET • TAMPA, FL 33607
(P)813.876.1776 • (F)813.876.1777 • WWW.ODYSSEYMARINE.COM
Table of Contents
LOGO
Page Two
been identifying. Taking these potential opportunities from the exploration stage to fully permitted seafloor mineral extraction projects is a complicated and highly speculative endeavor. Assuming we are successful with the development of these deposits, by not selling mineral assets outright at early stage valuations, we will be able to participate in the value creation that occurs as these potential opportunities advance from early development stage through to production stage. By staying involved in these projects, we expect to have the opportunity to capture new revenue streams, initially through offshore exploration contracts targeted at gathering mining feasibility and resource assessment data, and, if the projects are successful, ultimately through fees generated from the oversight and management of extraction operations. In addition, our current projects could be a source of near-term revenue as they may require additional exploration and test mining work to be performed inside this calendar year.
As you’ll see in the attached proxy, two highly-qualified individuals affiliated with MINOSA, Jim Pignatelli and John Abbott, are proposed as candidates for Odyssey’s Board of Directors. Reviewing their biographies will give you a sense of why we expect that these new Board members will provide our management team with invaluable advice and insight to help grow our business.
I want to emphasize that Odyssey’s management team and Board of Directors spent considerable time exploring all of the options available to the Company prior to making the decision to move forward on the transaction with MINOSA. Collectively, we believe that this transaction is the most beneficial for the Company and our stockholders. We believe it has the potential to transform Odyssey and increase stockholder value dramatically by not only providing the capital necessary to execute our current pipeline of offshore projects, but, more importantly, through the potential strategic guidance and resources that we believe will be a crucial catalyst to our future success.
As stockholders, you now have the opportunity to vote on whether you think we have made the best choice. I encourage you to review the attached proxy carefully, and if you have any questions, call the information telephone number noted. I am highly confident that this path forward is one that will permanently strengthen Odyssey so that we will stand the test of time and enjoy outstanding success as the world’s premier deep-ocean exploration company.
We encourage you to vote FOR all of the proposals included in the attached proxy statement.
We appreciate your ongoing support and belief in the Odyssey team, and thank you for your trust in our stewardship of your company.
Sincerely,
Odyssey Marine Exploration, Inc.
LOGO
Mark D. Gordon
President, Chief Executive Officer,
and Member of the Board of Directors
Smile!!
I think tony having trouble with the wheel hitting his belly.....
4, 24, 41 . Please
Sold all my calls today, (40 of them) banked a few bucks.
Sold my calls at $3.40 from $2.90, cant complain for holding less than a week.